Can you re-negotiate your modification?

[nspire]

I received an in house modification through BofA in May, which I thougt was joke, especially hearing about others who have received trial periods where their payments were reduced by over $500 per month. When I spoke to a customer service rep he told me I received some okie doke plan, which only reduced my monthly payments $100, what a joke.

Anyway, as I was saying, I received a mod in May 09, however, my income decreased another 5%, and I was going through a company called nfinit solutions to help modify my mod, however BofA, told them that since I already had a modification, I would no longer be eligible for another.

I talked with someone from BofA, and they referred me to HUD again. Is this a vicious circle or what. I've already gone through HUD once.

Has anyone had a similar experience? I don't know what to do. If I stop making my payments what will happen?

[ama125]

I believe if you request the Home Affordable Modification Program, they MUST evaluate you for it. Getting through to someone who will do that is another problem. I do not know who to contact, but try Fannie Mae since they are the administrator for this program. At the very least, you will bring to light that BofA is not offering to assist you and you have requested it. I know that BofA volunteered to participate in the program, and in doing so, should be held accountable to review people when they have specifically requested it.

[so-cal-gal]

Originally Posted by ama125

I believe if you request the Home Affordable Modification Program, they MUST evaluate you for it. Getting through to someone who will do that is another problem. I do not know who to contact, but try Fannie Mae since they are the administrator for this program. At the very least, you will bring to light that BofA is not offering to assist you and you have requested it. I know that BofA volunteered to participate in the program, and in doing so, should be held accountable to review people when they have specifically requested it.

I myself am just now going thru HOPE to access the MHA program.

If you work directly with BofA, MHA is the LAST program they will consider, and they seem to work thru them serially, not in parallel. So if BofA finds some program you do qualify for before considering MHA, that other program is the one they will present to you. They do not try for the 'best' for the borrower, they have some order they seem to be following.

Hopefully, they are no longer even jerking people around with the CW CA AG mods (actual signed, notarized contracts that they routinely find cause to cancel behind your back and never tell you about even while you make the payments for up to 7 months),

If you want to see the details of that mess (that I'm in) go here: Countrywide California Attorney General Settlement - BEWARE of CW Cancelling Loan Modifications WITHOUT Notice

[nspire]

How can I find out if my home is thru Fannie or Freddie Mac? CW claimed they searched all avail programs, however according to my calculations, I do qualify for MHA under Obama. Another problem is that they never tell you why you don't qualify.

[Garry]

Does Fannie Mae Own Your Mortgage? Loan Lookup Tool and https://ww3.freddiemac.com/corporate/

[so-cal-gal]

Originally Posted by nspire

How can I find out if my home is thru Fannie or Freddie Mac? CW claimed they searched all avail programs, however according to my calculations, I do qualify for MHA under Obama. Another problem is that they never tell you why you don't qualify.

CW may not have even submitted you for MHA. I think the only way to make sure that gets tried is to go thru HOPE. Even NACA may not submit to MHA. I think they are just to overloaded.

Just contact HOPE, let them know your problem and that you keep getting turned down by CW when you believe MHA should be an option for you that you do qualify for.

There are posts here that have the link to the Freddie and Fannie websites where you can check if your note is currently with them.

If you can't find the link, google for it. The freddie mac one was at freddiemac as I recall and fannie was at a fanniemae link. Just google or search the posts here.

[ama125]

I posted this on another thread, but read this article and call the number listed for complaints... Making Home Affordable Program hasn't helped enough, some say - CNN.com

[nspire]

Okay you guys I contacted HOPE and spoke with a counselor today. I gave her the rundown as far as my situation was concerned and she wasn't sure if BofA would consider another workout since I had already received a modification in June.

However, according to the numbers my housing is 39% of my income and since the modification, I received another decrease in salary, putting me at a slight deficit of $5.

We did a three way call and BofA said I qualify for MHA and to fax pay stub and hardship letter.

So my question is, what would I state in my letter? I saw an example of a letter on the forum, but am unsure if I should state specific details relating to my case, such as: additional pay decrease, my housing being 39% of my income, and should I specify what I want, or should I be general? I don't want the letter to be long winded(like this post)

Thanks for your help!

[nspire]

Please! Does anyone have any suggestions on what to put in my hardship letter? Should I make note of my mort payment being more than 31% of my income?

[Bert C]

nspire, I just came across this thread. I personally, wrote my letter to be as precise as possible. The last thing you want is for them to later on find any fault with anything you put down on paper. Be specific about the reason you are experiencing a hardship at this time. Mention lost pay or fewer hours at work. Mention health issues which make it difficult for the family. They are looking for specifics. You should give them exactly that. Generalities only cause them to further inquire and truly prolongs decisions. Put it all out in front and give them the complete picture. Mention that you want to keep the home and want to work through this hardship and that the way to do that is for them to bring your mortgage payments down to a truly manageable level as the MHA plans specifies. You can't go wrong by giving them as much information as you can. Be sincere and come across as someone who wants to work with them not against them. You only need their help in saving your home from foreclosure. It is not, as some would suggest, a sign of weakness to plainly state you want to save your home and are willing to work towards that goal. I truly believe you can gain a better edge by not locking horns with these people and attempt to work through it instead. It's long and frustrating at times and you will feel like giving up. Don't! Continue to fight as long as it is in your family's best interest. Good luck and continue to read these forums and threads. I am presently in the trial plan and am about to make my 3rd payment later this month for the 1st of October. I am hoping it doesn't go beyond that too much but, am willing to go a bit more if needed. Time will tell what happens but for now I'm treading along as many here.

Bert

[so-cal-gal]

Originally Posted by nspire

Please! Does anyone have any suggestions on what to put in my hardship letter? Should I make note of my mort payment being more than 31% of my income?

I would state what has happened recently. I'd probably try not to make a reference to the prior mod. Just something like "My salary was cut by $xxx on xx/xx/xx by my employer. This results in my mortgage now bieng xx% of my gross income."

You may also want to state whatever cause your employer gave you for the pay cut. (I presume the economy was the reason.)

If other costs have increased or there were costs that were left out of the earlier mod that should have been worked into the formula, make sure they are included this time.

I have not taken a look at the 'template' that is on this site. Check that too.

Hopefully you will get additional comments from some of the other 'peeps' here about this soon.

[Housebroken13]

yes you can, I am doing this.

Spoke to my negotiator today - Let's make it CLEAR

[spunky]

Can you qualify for the MHA plan if you do not have a Freddy Mac or Fanny May loan?

[Garry]

Originally Posted by spunky

Can you qualify for the MHA plan if you do not have a Freddy Mac or Fanny May loan?

Yes you can.